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Financial News: France Growth Decelerates On Weak Consumer Spending

France Growth Decelerates On Weak Consumer Spending

07/30/2019 - 07:46:00 (RTTNews)

(RTTNews) - France's economic growth decelerated on weaker consumer spending in the second quarter, official data showed Tuesday, in line with the European Central Bank chief Mario Draghi's view that the outlook for the wider currency bloc is getting 'worse and worse.'

The first estimate from the statistical office Insee showed that gross domestic product grew 0.2 percent sequentially, while the growth rate was forecast to remain unchanged at 0.3 percent. Eurozone flash GDP data is due on July 31. Draghi, last week, stressed the need for further easing as the outlook was getting worse, especially in manufacturing.

Earlier, Bundesbank said the largest euro area economy, Germany, has probably contracted in the second quarter as temporary factors that boosted first quarter growth faded.

The expenditure-side breakdown of GDP showed that the French household spending growth halved to 0.2 percent from 0.4 percent. The decrease was linked to the fall in car purchases and the decline in spending on food.

Meanwhile, gross fixed capital formation expanded at a faster pace of 0.9 percent after climbing 0.5 percent.

Imports gained only 0.1 percent after expanding 1.1 percent in the first quarter. At the same time, the exports growth held steady at 0.2 percent. Consequently, the foreign trade made nil contribution to economic growth.

Changes in inventories contributed negative 0.2 points to GDP growth, after contributing positive 0.3 points a quarter ago.

Results of the monthly EU survey, released on Tuesday, showed that economic confidence in France remained unchanged in July, at 104.1.

The flash Purchasing Managers' survey showed moderate growth in the French private sector in July, driven by services activity, while manufacturing output slipped back into contraction.

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